A separate calculator from My Exemption Check<\/a>, a private property tax consulting company, calculates the proposed exemption separately for 2027 and 2028. It uses county nonschool tax rates and allows homeowners to enter the exact millage rate from their TRIM notice.<\/p>\n That distinction matters because Amendment 3 would not reduce every part of a homeowner\u2019s property tax bill.<\/p>\n The proposal applies to taxes collected by counties, municipalities and certain special districts. Taxes levied by school districts would continue under the existing exemption structure.<\/p>\n My Exemption Check says calculators that compare the proposal with a homeowner\u2019s total tax bill could overstate the potential savings if school taxes are included. The company also says its estimates are educational and should not be treated as official tax, legal or financial advice.<\/p>\n Homeowners using either tool should make sure they enter the property\u2019s assessed value rather than its market value. They should also check whether the calculation uses a countywide average or the exact collection of tax rates that applies to their address.<\/p>\n The proposal changed before reaching the ballot<\/p>\n Some information still available through the state-backed Save Our Homes website appears to describe an earlier version of the proposal.<\/p>\n A downloadable document says the plan would begin by exempting the first $250,000 of a homestead\u2019s value and would establish a state trust fund to assist local governments.<\/p>\n The final legislative analysis<\/a>, however, says the exemption would begin at $150,000 in 2027 before increasing to $250,000 in 2028. A Senate analysis also says lawmakers removed the proposed trust fund before approving the final measure.<\/p>\n The amendment would make other changes beyond the homestead exemption. It would reduce the annual assessment-increase limit for nonschool taxes on nonhomestead properties, including rental properties, second homes and commercial properties, from 10% to 5%.<\/p>\n It would also restrict how counties and cities may spend property tax revenue. The permitted categories include public safety, infrastructure, natural resource projects, retirement obligations, government operations and certain education expenses.<\/p>\n Savings would depend on the property<\/p>\n The amount saved would depend on a home\u2019s assessed value and the nonschool millage rates charged at that address.<\/p>\n Some homeowners with assessed values below the proposed exemption could see their nonschool property taxes eliminated. They would still owe school taxes and any charges that are not based on property value.<\/p>\n Owners of more highly assessed properties could receive a larger dollar reduction, although the precise amount would vary by location.<\/p>\n The proposal also treats some newer Florida residents differently. People who establish permanent residency after Jan. 1, 2027, would generally continue receiving a $50,000 exemption before becoming eligible for the expanded exemption after five years.<\/p>\n The financial consequences would extend beyond individual tax bills. A legislative analysis estimates the amendment would reduce local nonschool property tax revenue by approximately $4.95 billion during the 2027-28 fiscal year and $8.78 billion during 2028-29.<\/p>\n Supporters argue the measure would provide needed relief as homeowners face rising housing and insurance costs. Local officials and other opponents have warned that losing property tax revenue could place pressure on government services or require communities to find money elsewhere.<\/p>\n Florida voters will decide Amendment 3 during the Nov. 3 general election. It requires approval from at least 60% of voters to pass.<\/p>\n Click here<\/a> to download our free news, weather and smart TV apps. And click here<\/a> to stream Channel 9 Eyewitness News live.<\/p>\n